Presale Report  ·  Data as of 2025-05-28

Harley-Davidson Motorcycle Trust 2025-A Auto Loan prime FINAL · CLOSED 2025-05-28

Notes
$526.3MM
Pool
$584.4MM
Reserve
OC
9.9%
Sponsor: Harley-Davidson Credit Corp  ·  Servicer: Harley-Davidson Credit Corp  ·  Trustee: to the indenture trustee

Capital Structure

ClassSize ($MM)% of PoolSub %CPN / SpreadWALLegal FinalS&PMoody's
Class A-187.014.9%75.2%4.53% fxd0.232026-06-15A-1+P-1
Class A-2a96.616.5%58.6%4.71% fxd1.032028-07-15AAAAaa
Class A-2b96.616.5%42.1%+66 bps SOFR1.032028-07-15AAAAaa
Class A-3193.233.1%9.1%4.67% fxd2.402030-04-15AAAAaa
Class A-453.09.1%0.0%4.79% fxd3.562033-02-15AAAAaa

Transaction Parties

SponsorHarley-Davidson Credit Corp
ServicerHarley-Davidson Credit Corp
Depositor / Transferorc/o Harley-Davidson Credit Corp
Indenture Trusteeto the indenture trustee
Owner TrusteeWilmington Trust, National Association
Asset Rep. Reviewerto the asset representations reviewer
UnderwritersBarclays Capital, BMO Capital Markets, Lloyds Securities, Mizuho Securities, MUFG Securities Americas, Citigroup Global Markets

Issuer Track Record

HDMT 2025-AHDMT 2024-BHDMT 2024-AHDMT 2023-BHDMT 2023-AHDMT 2022-A
Collateral (pool at cut-off)
Closing date2025-05-282024-09-252024-05-222023-09-272023-02-232022-04-20
Pool balance$584.4MM$663.1MM$607.8MM$580.2MM$628.5MM$607.8MM
WA Credit Score752−6758758758758756
WA APR9.86%+0.95pp9.35%9.43%8.91%7.51%7.22%
WA original term mo70.00.070.0 mo70.0 mo70.0 mo71.0 mo71.0 mo
% new vehicles72.8%74.4%70.5%63.9%61.3%64.0%
Reserve %0.25%0.25%0.25%
Geo top-3TX 13.4%
CA 9.4%
FL 8.7%
TX 11.7%
CA 9.5%
FL 8.3%
TX 11.3%
CA 9.9%
FL 8.6%
TX 10.7%
CA 9.8%
FL 7.5%
CA 10.3%
TX 9.3%
FL 6.8%
TX 11.1%
CA 10.5%
FL 9.5%
Structure (at issuance)
AAA spread+66 bps+8bps+53 bps+62 bps
AAA % of pool75.2%−2.8pp80.6%75.0%76.0%79.9%
Subordination below AAA0.0%0.0pp0.0%0.0%0.0%0.0%0.0%
OC (initial)9.94%4.75%4.75%9.28%7.88%4.75%
OC target4.75%4.75%4.75%4.75%4.75%4.75%
OC floor4.75%4.75%4.75%4.75%4.75%4.75%
YSOCn.a.n.a.n.a.n.a.n.a.n.a.
Tranches544455

OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.

Peer Set

HDMT 2025-ANAROT 2025-AWOART 2025-BGMCAR 2025-2HAROT 2025-2CAOT 2025-2
Collateral (pool at cut-off)
Closing date2025-05-282025-05-272025-05-142025-05-142025-05-082025-05-02
Pool balance$584.4MM$1,668.5MM$1,281.8MM$984.2MM$2,483.1MM$1,410.6MM
WA Credit Score752−17789756782769758
WA APR9.86%+4.04pp4.46%6.49%5.82%4.89%9.30%
WA original term mo70.0+2.867.9 mo69.0 mo62.1 mo66.4 mo
% new vehicles72.8%6.9%96.4%87.9%86.1%0.0%
Reserve %0.25%0.24%0.24%0.25%0.75%
Geo top-3TX 13.4%
CA 9.4%
FL 8.7%
TX 14.8%
FL 7.3%
CA 6.7%
FL 47.7%
GA 18.7%
NC 15.4%
TX 12.2%
FL 7.7%
NY 6.2%
CA 16.9%
TX 9.9%
FL 6.2%
CA 17.8%
TX 9.9%
FL 7.6%
Structure (at issuance)
AAA spread+66 bps+19bps+45 bps+47 bps+45 bps+48 bps+69 bps
AAA % of pool75.2%+2.4pp68.0%70.1%73.0%72.8%74.6%
Subordination below AAA0.0%−3.0pp1.4%4.3%3.0%0.0%4.6%
OC (initial)9.94%2.50%2.75%0.75%
OC target4.75%2.50%0.90%2.75%0.75%
OC floor4.75%2.50%0.50%2.75%0.75%
YSOCn.a.7.79%5.38%2.86%5.43%n.a.
Tranches567758

OC shown net of any yield-supplement overcollateralization (YSOC); YSOC is a yield mechanism for subvented low-APR pools and is reported separately. OC target is a % of the pool balance — current (amortizing) for greater-of/sum-of structures, original (cut-off) for flat structures; OC floor is a % of the original pool balance.

Historical Performance Context

Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.

No performance data available for this issuer.

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